Viceroy Hotels and Resorts will no longer operate its Palm Jumeirah property. The hotel has been taken over by Five Holding’s Kabir Mulchandani less than three months after opening its doors on March 31, 2017, Hotelier Middle East Online reports.

Five Holdings, the Dubai-based real estate development and hospitality group previously known as SKAI Holdings announced the launch of Five Hotels & Resorts, under its subsidiary Five Hospitality LLC.

Look out for our interview with Five Holdings next month!

This entity will manage Five Holdings’ flagship hotel and residences, the AED4.3bn (US$1.17bn) property on Palm Jumeirah Dubai formerly known as Viceroy Palm Jumeirah Dubai. Five Palm Jumeirah Dubai is currently in its soft opening phase with a formal brand launch event scheduled for October 2017.

“We are pleased to announce the launch of our new hospitality brand, which will operate four hotels and residences in Dubai by 2020. The total value of these projects will be AED7.2bn (US$2bn), said Kabir Mulchandani, chairman and CEO, Five Holdings.

In a statement, Aloki Batra, CEO of Five Hospitality LLC said: “We believe now is the right time to disrupt the hospitality industry. The people who actually provide a hospitality experience never receive the real benefits while most of the commercial benefits are taken in most cases by operators. This needs to change.

There needs to be a much more equitable distribution and we will be introducing this in our hospitality vertical immediately to ensure our philosophy is executed from the heart.”

This occurred just days after the hospitality group unveiled its new corporate identity, based on the five elements. The firm’s new name reflects the group’s continued ambition to grow its current property portfolio of US $2bn.

As of the evening of June 19, 2017 the Palm Jumeirah property was still listed on the Viceroy Hotels and Resorts website.